1923 Silver Dollar Value in 2023

According to NGC, the value of the 1923 silver peace dollar in its circulated state as of January 2023 is worth around $30.50 – $39.50. In free trade, the uncirculated 1923 silver dollars in pristine condition trade for the utmost $3750. 

Anthony de Francisci designed the Peace Silver dollar; they were minted between 1921 and 1928 and after that in 1934-1935 to replace the ultimate Morgan Dollar. The primary purpose for minting the Peace Dollars was to commemorate peace after the conclusion of World War I.

Key Takeaways

• The writing on the obverse, “in god we trvst,” is the Latin spelling for the word “In God, we trust,” but not a spelling error.
• It was the last American silver dollar designed and minted for circulation. After that, the US mint manufactured copper, manganese, zinc, and nickel coins.
• The primary purpose for minting the Peace Dollars was to commemorate peace after the conclusion of World War I.
• The Peace Silver dollar is one of the most collectible coins today due to its rare mintage.
• The 1923 silver peace dollar is composed of 90% silver and 10% copper.

The Peace silver dollar weighs 27.6g, measures about 1.5 inches in diameter, and contains 90% silver and 10% copper alloy. Despite the Silver Peace Dollar coins being almost 100 years of age, they still maintain great value to many collectors who want to own the coin from each of their minting years.

The silver peace Dollar is among the rare silver coins ever produced by the U.S. Mint. In this guide, we have highlighted the factors that affect the coin’s value, errors worth looking for, grading conditions, and other essential features of the 1923 silver dollar.

What Makes a 1923 Peace Silver Dollar Rare?

The 1923 Peace Dollar was the last silver coin in circulation to be manufactured by the U.S. mint, making it the most sought silver coin. The coins were minted for a few years and resulted in being limited.

The coin has rich symbolism, with the obverse text  reading “Liberty; In God We Trvst (Trust); 1923”  while the reverse reads “United States of America; E Pluribus Unum; One Dollar; Peace.”

In addition, the obverse has a bust of a female facing the left with a pointed crown and flowing hair. In contrast, the reverse has an eagle sitting on a rock center with some rays in the background. 

Related: The 1922 Liberty Dollar Value, History, Mintage, & Error List

The three mints produced the following: 

• Denver (D mint mark) minted 6,811,000 coins
• San Francisco mint (S mint mark) minted 19,020,000 coins
• Philadelphia (with no mint mark) minted 30,800,000 coins

How To Grade the 1923 Peace Silver Coin Dollar

Grading a Peace Dollar is a challenging skill that requires time to achieve perfection. To understand each grade, a collector needs to study the coins and learn about their descriptions to categorize them. 

The Silver Peace Dollar coin has specific descriptions to be graded upon, like wear and tear, errors, and other definitions.

1923 Silver Dollar Value Table

Related: 1882 Silver Dollar Value

Coin collectors, Numismatists, dealers, and grading services use the Sheldon grading scale to characterize the condition of a coin. The Sheldon Numeric Value categorizes the Peace Silver Dollar from the most worn out at 0, while the best mint condition is at 70.

The 1923 Silver Peace dollars have two categories: the circulated and uncirculated condition Dollars. Collectors compare the coin using grading images to identify its condition. The less wear and tear on the coin, the more its value. 

Related: 1889 Morgan Silver Dollar Value – Mint Mark, No Mint, City

Numismatists value the coins by carefully inspecting the coin’s obverse and reverse, examining any imperfections to reach a reasonable grade. They use the following specifications:

• Uncirculated condition
• Fine condition
• Extremely fine condition
• Good condition

1923 Silver Dollar in Uncirculated Condition

Despite the age of the uncirculated 1923 Peace Silver Dollar coin, it does not show any signs of wear and tear on the surface. It contains its original mint luster though the color, when viewed under light, might show the age of the coin.

1923 Silver Dollar Extremely Fine

Compared to the uncirculated grade condition, an extremely fine 1923 Silver Peace Dollar has minor wear and tear on the coin’s top parts. On the obverse, some details, such as Goddess Liberty’s crown and the waves of hair, may appear lightly worn out while the words are still visible.

On the reverse, the eagle’s feathers on the leg and wing have started to wear off. The whole coin looks attractive and has a smooth feel.

1923 Silver Dollar Fine Condition

A fine coin shows even the effect of wear and tear on the raised parts. If you focus on the obverse, the hair and rays show signs of wear and tear but appear even and leveled.

The words are slightly worn out but still readable. On the reverse, the feathers are evenly worn-out, and the imagery words are still intact to read despite the wear.

1923 Silver Dollar Good Condition

The extended wear and tear have taken a toll on the coin’s collectible status over the years. In most coins, you can see the imagery, detail and writings of the coin.

Despite the highly worn-out condition, the coins are still popular and sell at a bullion value due to their supply, history, and limited mint.

Where Is the Mint Mark on a 1923 Peace Silver Dollar? 

In 1923 the Denver, Philadelphia, and San Francisco mints struck the Silver Peace dollars. On the lower left of the reverse, the Denver and San Francisco mints included small mintmarks, the D for Denver, and S for San Francisco. There is no mintmark on the 1923 Philadelphia-struck Silver Peace coin.

The 1923 Silver Peace Dollar Errors

In 1923, Silver peace dollars had minting imperfections called coin errors. The errors can add value to the particular grade of a silver coin due to its limited minting. Such errors include a die and striking errors.

Other errors include partial collars where the dies are improperly placed during minting resulting in a displaced design either in deformity, expansion, smoothness, or partial edges.

The 1923 silver peace coin errors include:

1923 Whisker Jaw

The Whisker Jaw exists on the Philadelphia mint coins on the MS63 and MS65, on the lady Liberty bust jaw to the neck.

The 1923 whisker Cheek

Whisker Cheek is a notch on the cheek of Lady Liberty’s face and has a  high value of $275 and $2000.

1923 Double Die Reverse

On the reverse, the die may have shifted or the planchet slightly moved to create Double Dies during the dubbing process on the reverse. The error is observed on the Philadelphia mint coins on the eagle’s head and feathers and the leaves of the branch. 

You can observe the error on the reverse of the Denver mint coins where the eagle’s beak appears to be flat. The error value is from $900 for MS63 to $1300 for MS65.

The 1923 Planchet Lamination Error

If a planchet is detached, breaks, or cracks, it forms a chipping effect called a lamination error. The error is standard in most coins but still has a great value.

1923 Silver Peace Dollar Broken Wing Error

Factors Affecting the Value of the 1923 Silver Dollar 

Most coin dealers and collectors estimate the value of a silver dollar based on the production year. Although the year of production is significant, there are more factors like the mint marks, errors, place of mint, and other historical features.

In 1923 the US mint produced 90% silver coins, with each of the three mints producing a certain number. The following factors determine the coin’s value:

• The Mint Mark

On the reverse side of the Peace silver dollars coins from the San Francisco and Denver mints. The Philadelphia mint produced the no-mint mark peace dollars. The 1923 D Silver Dollars had only 6,811,000, hence the lowest mintage among the three mints. Due to the low number of mints, they sell at a higher price than the rest.

One 1923 D Silver Dollar in grade MS 67 sold for $76,000, which later sold at $120,000 at the PCGS auction in august 2021 MS-67, making it the most valuable 1923 silver peace dollar mint mark.

You can also find an MS 60 at about $95. From MS 65, the value is about $1,000 or up to $1,200. 

• The Errors

Some of the 1923 Silver peace dollars have some imperfections that add an extra value due to their scarcity. The rarest and most valuable 1923 peace dollar error is the Whisker Jaw.

The notch is between its cheek and neck; you can see it only on coins from the Philadelphia mint. The value can range from $110 for an MS 63 to $510 for an MS 65.

• The Rarity of the Coin

The 1923 silver peace dollar was manufactured by three different mint origins, each producing a different number of coins. The total number produced by all mints was 46,631,000 coins. Denver produced the lowest number with only 6,811,000 silver peace dollar coins with a D mint mark on the reverse. 

Due to the low mintage, the D mint mark was the rarest and most valuable 1923 silver dollar. However, all 1923 Peace Dollar coins are more valuable than most years due to their low mintage. Also, the controversial launch to commemorate peace adds to their value today. 

• Color of the Coin

A coin acquires color over time based on its preservation. A silver coin can acquire an iridescent patina that most collectors fancy, thus increasing value.

Collectors highly regard the beauty of the patina, which increases its value tremendously. In addition, the conservation state of the coin, which professional numismatist grades, can highly affect its value.

How to Identify Valuable 1923-S Silver Dollars

There are several steps collectors can take to identify valuable 1923-S silver dollars. They include:

• Examination of the Coin

The first step is to examine the coin for signs of wear, damage, or discoloration. Coins in better condition are generally more valuable. Next, collectors need to look for unique characteristics or variations that may increase the coin’s value. This includes looking at the coin’s mint mark, inscriptions or dates, and specific design features.

• Use of Reference Materials

Coin collectors use books, price guides, and online resources to help them determine each coin’s key features and differences. These sources also have information about the number of coins made and other things that affect the value of a coin. In addition, collectors should stay current with market trends and prices for the 1923-S silver dollar.

• Professional Appraisal

Collectors seek a professional appraisal for a more detailed evaluation. An appraiser can look at the coin in person and evaluate it based on its condition, rarity, and other factors. This can be particularly helpful for collectors who are new to the hobby or need clarification on the value of their coins.

Current Market Insight on the 1923 Silver Dollar

The Peace Silver dollar is one of the most collectible coins in the market today due to its rare mintage. The 1923 D Silver Dollars was the lowest minted of the three mints that year, with only 6,811,000 coins raising its market value.

With most of the 1923 Philadelphia Peace Silver Dollar being uncirculated, the grade is likely to increase in value. The coins are well preserved and valuable for any collection. 

It is rare to see some of these Peace dollars struck between 1921 and 1935; they have a colorful toning like the 1923-S Peace dollar 65. According to US coins Market Analysis, it sold for $8,700 at the Heritage’s May 6 auction.

Where to Buy and Sell Valuable 1923-S Silver Dollars

Several options are available if you want to buy or sell valuable 1923-S silver dollars. Here are some of the most popular:

• Coin Dealers

Local coin shops and online dealers can be a good source for buying and selling rare coins, including the 1923-S Silver Dollar. However, it is vital to research and find a reputable dealer with experience with the coin you want to buy.

• Auctions

Online and in-person auctions can be a great way to buy and sell rare coins like the 1923-S Silver Dollar. Before you join an auction, find out about the auction house and the specific auction, and be aware of any fees or commissions.

• Online Marketplaces

Online marketplaces like eBay and Amazon can be a convenient way to buy and sell coins, but it’s essential to be cautious and do research. Look for sellers with good ratings and reviews, and scrutinize the coin before purchasing.

Is a 1923 Silver Dollar Real Silver?

The 1923 silver peace dollar is composed of 90% silver and 10% copper. Each 1923 silver piece has approximately 0.77344 ounces of silver out of the total 0.942873 ounces.

Which Is The Rarest 1923 Silver Peace Dollar?

The 1923-D Peace Silver Dollar graded at PCGS MS-67 sold at $120, 000 making it the most expensive 1923 silver dollar. It was sold at an auction in August 2021. The second rarest in the  1923-S in MS-66 grade, the PCGS and Numismatic Guaranty Corp. reported a sale of $49,200 at the August 18 Platinum in Dallas.

Conclusion

The Silver Peace Dollar reflects America’s victory, values, and restoration of peace after the First World War. The mint, errors, coin color, and mint marks are the main factors determining the quality of the silver dollars you have.

It is recommendable to store your coins in a safe to preserve their value. Silver peace dollars are easy to tarnish and require proper handling to maintain their attraction to collectors.

Resources

• Ncmint
• Coleccionistasdemonedas
• Coinstudy
• Jmbullion
• Coinworld